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Established Marine Services Business

  • 2.2M turnover
  • 14 staff
  • 2 min read

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Time

Before Total Accounting

Twenty-five years in business — and almost nothing had changed in how the finances were run. Most processes were still paper-driven. Debtors were poorly controlled and a significant bad debt had been sitting in the ledger for years, with corporation tax and VAT already paid on income that would never arrive. The accounting system was a basic product supplied by the business’s bank. Fixed assets hadn’t been updated or tax claimed correctly. The gross profit on several service lines was far below where it should have been — but nobody had done the analysis to find out. P11D forms for private healthcare hadn’t been prepared. The internal finance team were diligent but not commercially aware. The director spoke to an accountant once a year.

What We Delivered

  • ✓ Full cloud accounting system built — replacing the bank-supplied basic product
  • ✓ Bad debts written off — VAT and CT reclaimed on irrecoverable amounts
  • ✓ CIS previously unclaimed identified and reclaimed
  • ✓ Gross profit analysis completed across all service lines
  • ✓ Budgets, cashflow projections and monthly management accounts introduced
  • ✓ Payroll system rebuilt with client portal for reports and holiday control
  • ✓ Auto-enrolment pension historical issues corrected
  • ✓ Pre-year-end tax planning — director advised to purchase new vessel, reducing CT
  • ✓ Direct debit system introduced for customer fee collection
  • ✓ Mobile dashboard built for director — live bank balances and daily sales
Twenty-five years in business — and almost nothing had changed in how the finances were run. Most processes were still paper-driven. Debtors were poorly controlled and a significant bad debt had been sitting in the ledger for years, with corporation tax and VAT already paid on income that would never arrive. The accounting system was a basic product supplied by the business’s bank. Fixed assets hadn’t been updated or tax claimed correctly. The gross profit on several service lines was far below where it should have been — but nobody had done the analysis to find out. P11D forms for private healthcare hadn’t been prepared. The internal finance team were diligent but not commercially aware. The director spoke to an accountant once a year.

The Impact

£47K

Saved when compared to the previous set up

20%

Increase in margin improvement

10 hrs

Staff admin time saved weekly

The Difference

A director who hadn’t taken a real holiday in years went away for two weeks and never called the office once.

“I went on holiday for two weeks and didn’t need to call in once. That had never happened before. The business ran, the numbers were there when I got back, and everything was exactly as it should be. That’s the difference.”

— Director, Marine Services Business

The proof is in the numbers

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